Paramount Global reported on Wednesday a 5% revenue increase in the fourth quarter of 2024, reaching $7.98 billion. However, full-year revenue declined slightly to $29.2 billion from $29.65 billion in 2023.
Despite revenue growth in streaming and filmed entertainment, the company posted a net loss of $224 million, or $0.33 per diluted share, compared to a $514 million net profit a year earlier. The decline was attributed to impairment charges and restructuring costs. Paramount+ saw strong subscriber growth, adding 5.6 million users in the fourth quarter, bringing its total to 77.5 million.
Co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins emphasized the company's shift toward a streaming-first model and highlighted a $1.2 billion improvement in direct-to-consumer profitability. "These remarkable achievements would not have been possible without the hard work of our talented teams and creative partners for whom we are deeply appreciative," they said.
Paramount's shares fell by 1% in after-hours trading following the publication of the report.